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Love to handle the purchase. The Skyland property contains a
waterfront, single-family residence. The house was constructed
during the summer of 1989 and first advertised for sale in June
1989 while under construction. Ms. Love had not previously
discussed the Skyland property with petitioners or shown the
property to them. Petitioners did not indicate to Ms. Love that
they had seen the house prior to October 12, 1989. The next day,
October 13, 1989, petitioners made a verbal offer for the Skyland
property, which they later decided to withdraw. On October 13,
1989, Ms. Love also contacted Mr. Clack, at petitioners' request,
to identify Skyland as replacement property.
After the initial offer, petitioners did not express any
further interest in purchasing Skyland again until January 24,
1990, when they called Ms. Love to inquire as to whether the
Skyland property was still for sale. On January 26, 1990,
petitioners offered to purchase the Skyland property for
$1,200,000 and entered into a purchase contract. Petitioners
assigned the purchase contract to Clack Bros., and the purchase
price was paid by Clack Bros. from the sales proceeds of the
Antioch property. The purchase closed on February 15, 1990.
Petitioners regularly discussed the 45-day identification
requirement with Mr. Clack and with several real estate agents
whom petitioners employed. Mr. Clack repeatedly advised
petitioners to obtain documentation to establish that they had
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